Is This Bitcoin's Lehman Moment?

The travails at bitcoin exchange Mt. Gox have cast a pall over the virtual currency. Michael Casey argues this is not a death knell for virtual currencies. Photo: AP.

This transcript has been automatically generated and may not be 100% accurate.

... been been been been been been been been been ... the travails of the corn Exchange now got to cast a Pall over the virtual currency ... the blow may linger for some time but our Michael Casey says ... the ... death knell for virtual currencies in like you're part of page one story today ... I he knows ... to be ten dollar words the existential is an existential crisis ... it's a very good around numerical use it to say Europe European Union was not going to want such a big profit would write off explains us exactly what it means and is this really an existential crisis on and the Iberia's that this whole idea of a bitcoin be transformative currency one that changes the way we do global Payments Ineos ... it is is is an idea of ... have we thrown that out the window ... um and you know I actually think into the bitcoin itself ... that's not the question I mean even people weaving the community who built and had a truly sad this is an experimental concentrated dealing with the things there ... so the candidates I don't put all the money the bitcoin code will go away who will file ... the more important question though is the technology on the line the idea that will cut the idea that you all I can exchange value really with nobody else in many a Yeti in the process ... anywhere in the well ... that is revolutionary incredibly powerful awfully like the awful innovation ... almost impossible to stop so I mean I'd I feel the actual pumpkins use ... the cryptocurrency idea that bitcoin truly will be seen as the great leader that brought us ... this idea is not telling what the hell is going on he loved that plan ... what they see is Mel Sachs what they see is silk Road were to see strong trend ... he convinced feel that this is the seat United States is just a different brand into one because bitcoin may become painted a picture of the deal because of how well these guys to to to ... get around that changed its name each ... time buildout much more robust exchanges and the fact that the slow talk about institutional exchanges being built things that can ... compete properly regulated and have a look on checks and balances in place abducted so pubs ... that will help to improve the the image ... um ... but but ultimately it the diamante different currency that they might be might be the job was to get behind the scenes that could be sums of ... the digital ... he chooses one to have the technology ... and what we knew we know this isn't titled governments are cutting back its easy it's it's you take the technologists are portable right back woods life of me until he wrote on a body double these alternative currency that is ... that this could take the underlying protocol dental and software ... tweak it a little bit in some cases try to make it safer more secure and they they push that when it was seen in almost nine of its capital money going into space in the not just going to be going to go into was an awkward Tuesday for payment systems the supple ... all because people recognize the parent because ... you've got a very expensive cumbersome global financial system even though we think about sending money via credit cards is if we look for sending money overseas when well ... when we would come in with a contract on two sides which involves a bank could cut the kind of process of all these bodies of its win the approval process with a lot longer than we think it does ... that's a very expensive legacy payment system ... to ... the idea that we can do this rapid between ESL's with us to take on some of them all right aam is incredibly compel Dogecoin ... scores on the ... TV ... Median